PROJECT FINANCING - Paving the Way

Jan 19, 2012

OOG’s $1.5bn 6.35% 2021

Odebrecht Oil & Gas’s $1.5 billion senior
secured 6.35% 2021 bond may not have been the
region’s first drillship bond, but it is certainly
the largest and the one that became a template for other
project bonds to follow.

Designed to take out the loan that initially financed the
building of the Norbe VIII and IX deepwater drillships, the
bond essentially helped create what will become an increasingly
important new asset class.

"This is the first time we mimicked a project finance
structure and repackaged it to bond investors," says Andre
Silva, co-head for debt capital markets at Deutsche...